Latest technology trends in the CBD industry for 2020
There is no doubt that the acceptance and legalization of marijuana will continue to grow for the next few years.
The global market for cannabis is currently on a steady climb. In recent times, we have observed how the municipalities in the United States have legalized the selling, growing, and use of marijuana one after another. Despite its uncertain past, the continued legalization of cannabis has helped the market grow by leaps and bounds.
Technology has already played a pivotal role in the recent growth of the cannabis industry and this trend is likely to continue in the years to come. Several Cannabis tech startups have come up to make a significant impact on the way cannabis businesses will operate in the foreseeable future.
In this brief article, we will take a look at some technology trends that are likely to dominate the future of the cannabis market.
AI and Machine Learning: AI technology has already made its presence felt in the cannabis industry. Certain segments of individual cannabis customers have started using AI for product recommendations, product search, and delivery capabilities. This has boosted the sales and revenue for the sellers. Many cannabis buyers now make use of chatbots to find out the right cannabis strain for their intended use. Following the footstep of other e-commerce businesses, cannabis-related businesses have also started using AI and machine learning technology to improve their operational efficiency.
In their seed to sale software, many companies have started using AI and machine learning technology for the optimization of the growth of their cannabis crop. This has allowed them to achieve higher yields at a lower cost. Specific growing platforms have now come up with sensors that can generate real-time information about each plant. As a result, farmers have a clear understanding of the issues and how to fix them. You may already know that the levels of THC and CBD differ between different cannabis strains. More and more growers are now utilizing AI and machine learning to ensure compliance by adhering to the stringent regulations.
AR Technology: Even if you live in an area where recreational marijuana is legal, it may not always be possible for you to visit a dispensary. For an industry that serves many individuals in need of medicine, it is of utmost importance to reach out to people that are not able to travel. Some cannabis technology companies are already looking to address this problem by creating an AR dispensary experience for the shoppers to educate them, increase their accessibility, and invigorate their online shopping experience.
AR technology can provide access to virtual employees and 3D 360-degree photography, educating buyers on exactly what they should purchase. It also allows anonymity for buyers that are hesitant about purchasing cannabis.
Blockchain: In the near future, blockchain could emerge as the cannabis banking system’s missing puzzle piece. It is important to remember that under the federal Controlled Substances Act, cannabis continues to be a Schedule I drug. In simple words, it means that cannabis is still federally illegal. Owing to its Schedule I drug status, accepting deposits from any cannabis-related businesses can be treated as money laundering. As of now, by acquiring these clients, banks run the risk of jeopardizing their FDIC insurance. This is why most of the banks are rather reluctant to accept cannabis businesses as their customers.
A viable solution to this problem is already available in the form of blockchain. This powerful technology can be the perfect fit for the cannabis industry because of its ability to address cannabis banking-related concerns such as illegal transactions, money laundering, and fraud.
The Way Ahead: There is no doubt that the acceptance and legalization of marijuana will continue to grow for the next few years. Along with the obvious economic benefits, new and innovative technology is expected to be the most important driver of its breakneck growth. If you are a cannabis enthusiast, consider i49 to find out more.
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